PBOC conducts a RMB50 billion of 14-day reverse repo at 3.45%, and RMB130 billion of 28-day reverse repo at 3.60%. Rates are unchanged both operations compared with similar operations previously. In total, PBOC provide RMB180 billion of liquidity today.

For the week, the PBOC has injected a net of RMB365 billion, highest weekly injection through open market operations ever on record. It is even higher than this year’s Chinese New Year. As we noted, PBOC is inadvertently performing “quantitative tightening”, which probably contributes to the unusually high stress in terms of liquidity.